NEWS RELEASE 02/24/10

Norwalk, CT, February 24, 2010—The Financial Accounting Foundation (FAF) today announced that Michael H. Granof, PhD, CPA, Ernst & Young Distinguished Centennial Professor of the McCombs School of Business at the University of Texas at Austin, has been selected to serve as a member of the Governmental Accounting Standards Board (GASB) starting July 1, 2010. The appointment was made by the FAF Board of Trustees, which oversees the activities of the GASB and Financial Accounting Standards Board (FASB).

John J. Brennan, FAF Chairman, stated, “On behalf of the FAF Board of Trustees, I am pleased to welcome Michael Granof to the GASB. His expertise in governmental accounting, as well as his understanding of the issues facing state and local governments in these challenging economic times, will be an asset to the GASB’s efforts to make improvements to accounting and financial reporting within this important sector of the United States economy.”

Robert Attmore, Chairman of the GASB, added, “Michael Granof has dedicated his academic career to the understanding of financial reporting for government entities. His extensive knowledge in this area will be invaluable to GASB deliberations on a number of important initiatives, and we look forward to the benefit of his expertise and insight during his term on the Board.”

Dr. Granof has been a member of the faculty of the McCombs School of Business since 1972. Appointed in 1984 to his current role as the Ernst & Young Distinguished Centennial Professor, he served as Chairman of the school’s Department of Accounting from 1984-1988. Concurrently, he is also a Professor of Public Affairs at the Lyndon B. Johnson School of Public Affairs of the University of Texas at Austin, a position he has held since 1999.

Throughout his distinguished professional career, Dr. Granof has focused on government accounting and auditing issues. In addition to writing a number of articles and textbooks on these subjects, he is currently a part-time member of the Financial Accounting Standards Advisory Board for the federal government, and he previously was a member of the National Council of Governmental Accounting, the AICPA Committee on Governmental Accounting and Auditing, the U.S. Comptroller General’s Advisory Council on Government Auditing Standards, and various committees of the Texas Society of CPAs.

Dr. Granof begins his term on the GASB effective July 1, 2010, when he will become one of six part-time members serving on the seven-member Board. His term extends until June 30, 2015. He succeeds Dr. William Holder, who concludes his second five-year term on the GASB on June 30, 2010.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.